Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO

Same security in taxable and tax free accounts.

My wife and I have the same money market fund in two separate accounts. Mine is a tax free account while hers is taxable. In the security list it is either taxable or tax free. I have it marked as Tax Free. Any reports show all tax free income. I would like to be able to differentiate taxable vs tax free in each account.

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    It's the account that should be tax-free (or, tax-deferred).  And that determines the taxability of your MMF.  Only Muni Bonds and the like should be marked as being "Tax Free" ... because they're tax-free no matter where they're held.
    UNcheck the "tax-free" option for that security.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @Andy,

    When you say "Mine is a tax free account" - what do you mean?  Are you referring to a "tax deferred" account, such as a 401k, pension, etc. or something else? And which "reports" are you talking about? Any additional info would be helpful.

    Thanks.
    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    edited March 2020
    As mentioned above...
    Security ---> can be checkmarked as "tax free" - like a Muni mutual fund
    Account --> can be checkmarked as "tax deferred" - like an IRA
    not sure of the implications of the only checkbox "tax deferred" on a Roth IRA -
    Quicken 2020 Deluxe - Subscription - Windows 10
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    The "Tax deferred" account checkbox causes the account to be excluded by default from the tax reports. 

    The "Tax free" security checkbox causes the security to be excluded by default from the Tax reports.

    I think the tax free status of Roth accounts is also taken into account by the Lifetime Planner.
    QWin Premier subscription
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    The “Tax free” security checkbox causes the dividend and interest transactions for that security to be reported as tax-free transactions (_DivIncTaxfree and _IntIncTaxfree categories) in Tax Reports. 
Sign In or Register to comment.